Search Header Logo

Microeconomics Unit Review

Social Studies

12th Grade

Used 122+ times

Microeconomics Unit Review
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"To stay competitive in the world market we must build a strong manufacturing base. We are targeting an 8% growth rate in real gross domestic product over the next five years. To achieve this, we will invest in building new mining and manufacturing facilities to increase production of coal, steel, and heavy machinery. We will redirect our country’s efforts so that we are no longer dependent on agriculture and the price of crops on the global market. The path forward may be difficult, but it will help our country maintain its strength and independence."

Does the president who gave this address lead a country with a command economy or a country with a market economy? What evidence indicates the type of economy?

The president's emphasis on economic competitiveness indicates that the country has a market economy.

The president’s focus on industrializing the country indicates that the country has a command economy.

The global agricultural market’s effect on prices of the country’s goods indicates that the country has a market economy.

The government’s power to directly target sectors of the economy indicates that the country has a command economy.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company produces and markets an innovative bicycle that pedals and guides itself, using cameras to note its environment and prevent accidents. The bicycle is a success, leading other companies to enter the self-guiding bicycle market and offer similar products at the same price. Even with competitors entering the market, demand for these products remains high and many companies profit.


The market described in this passage is an example of

a monopoly

an oligopoly

monopolistic competition

pure competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Heather is seeking to start a business. She is wanting to protect her assets and bring in other people to help her get started and hire people to run the business. What form of business organization should Heather set up?

Kiosk

Partnership

Corporation

Sole Proprietorship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The change seen in the graph would have been caused by

a decrease in the price of resources

a decrease in technology

an increase in business taxes and regualtion

an increase in the number of consumers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement about the circular flow model is CORRECT?

Businesses earn income from both the factor and product markets

Households earn income from both the factor and product markets

Households earn income from the product market and businesses earn revenue from the factor market

Households earn income from the factor market and businesses earn revenue from the product market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To keep up with the growing costs of production, a company raises the prices of its goods. What will occur as a result?

The company will make lower quality products

The company will make higher quality products

Consumers will purchase more of the company’s products

Consumers will purchase less of the company’s products

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Read the text and answer the question.


Charlie and Mack work at the same company. Charlie always shows up to work on time and ready to work. They are both hard workers, they work well with each other and other coworkers, and they always work hard and try to do the right thing. However, Mack frequently forgets to set an alarm and arrives to work late.


Which soft skill does Charlie exhibit that Mack does not?

teamwork

punctuality

communication

good character

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?